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ARQ - Anooraq Resources Corporation - Further cautionary announcement
Anooraq Resources Corporation
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
TSXV/JSE share code: ARQ
NYSE AMEX share code: ANO
ISIN: CA03633E1088
("Anooraq" or the "Company")
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders of Anooraq are referred to the cautionary announcements
dated 13 May 2011, 28 June 2011, 10 August 2011 and 21 September 2011
respectively, relating to the negotiations between Anooraq and Anglo
American Platinum Limited (the "Parties") in respect of a potential
restructuring, recapitalization and refinancing transaction between
them.
The Parties have completed their strategic review of the Bokoni Group
asset base, finalized a revised life of mine operations strategy, as
well as an optimal financing strategy for execution of the Bokoni Group
operations strategy going forward.
Pursuant to finalization of the operational and financial optimization
exercises the Parties have formulated a restructuring, recapitalization
and refinancing transaction for the Bokoni Group and Anooraq ("the
Bokoni Group transaction"). The Parties are currently settling the terms
of the Bokoni Group transaction in conjunction with seeking the
necessary corporate, regulatory and other approvals required for its
implementation. Once the transaction terms have been settled and
requisite regulatory approvals have been obtained the Parties intend to
make a comprehensive announcement detailing the terms of the Bokoni
Group transaction.
As the Bokoni Group transaction process remains ongoing, shareholders
are advised to continue to exercise caution when dealing in their
Anooraq securities until a further announcement is made.
Johannesburg
2 November 2011
JSE Sponsor
Macquarie First South Capital (Pty) Limited
Issued on behalf of Anooraq Resources Corporation
On behalf of Anooraq
Joel Kesler
Executive: Corporate Development
Office: +27 11 779 6800
Mobile: +27 82 454 5556
Russell and Associates
Nicola Taylor/Cassidy Parker
Office: +27 11 880 3924
Mobile: +27 82 927 8957/ +27 72 347 2342
Macquarie First South Capital
Annerie Britz/ Yvette Labuschagne/ Melanie de Nysschen
Office: +27 11 583 2000
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. The
NYSE Amex has neither approved nor disapproved the contents of this
press release.
Cautionary and forward-looking information
This document contains "forward-looking statements" that were based on
Anooraq`s expectations, estimates and projections as of the dates as of
which those statements were made, including statements relating to the
Bokoni Group transaction and anticipated financial or operational
performance. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "may",
"will", "outlook", "anticipate", "project", "target", "believe",
"estimate", "expect", "intend", "should" and similar expressions.
Anooraq believes that such forward-looking statements are based on
material factors and reasonable assumptions, including the following
assumptions: that the Bokini Group transaction will receive the
necessary regulatory approvals and complete in a timely manner.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the Company`s actual
results, level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking
statements. These include but are not limited to uncertainties related
to the completion of the Bokoni Group restructure and refinancing in a
timely manner, if at all; and risk that the necessary regulatory and
other approvals for the Bokini Group transaction will not be received in
a timing manner.
For further information on Anooraq, investors should review the
Company`s annual Form 40-F filing with the United States Securities and
Exchange Commission www.sec.gov and annual information form for the year
ended December 31, 2010 and other disclosure documents that are
available on SEDAR at www.sedar.com.
Date: 02/11/2011 16:00:01 Supplied by www.sharenet.co.za
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